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Thursday, September 13, 2012

Government offer for uninsured properties in the Residential Red Zones

From the CERA website.

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced the basis of Government offers to owners of vacant and commercial/industrial land within the flat land residential red zone, as well as residential properties that are uninsured.

Today’s announcement affects four categories of land and ownership within the residential red zone:

65 parcels of vacant land

50 properties that were occupied at the time of last February’s quake but which are uninsured

22 insured commercial/industrial buildings

6 insured houses on leasehold land

For those with uninsured residential properties on Red Zone land the offer is:

The owners of 50 properties in the flat land residential red zone which do not comply with the Crown’s insurance requirements will also receive offers.

“In these instances the Government’s considerations were similar to those for owners of vacant land, and therefore the same offer of 50 per cent of the rateable value of their land will be made,” Mr Brownlee says.

“If owners decide to take this offer, the land and any buildings on it will become property of the Crown from the settlement date.

“What the owner chooses to do with any buildings on the land up until that day is entirely up to them.”

Fact sheets for those affected, and the full media release, can be found here.

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